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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
Verified account
@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    Noah Smith‏Verified account @Noahpinion Oct 20

    Remember Piketty? Remember how inequality increases when "r > g"? That "g" stands for "growth". If you think you can stop growth AND reduce inequality at the same time, you're betting that you can reduce "r" by much MORE than you reduce "g".

    3:30 PM - 20 Oct 2018
    • 53 Retweets
    • 195 Likes
    • TO33IE Sensei ⛩ dominique Alexander Spamilton Nick Fitzhenry Daniel F Torres. Rafabuto Nadeem Haque TO33IE
    17 replies 53 retweets 195 likes
      1. New conversation
      2. Noah Smith‏Verified account @Noahpinion Oct 20

        That doesn't mean you can't be there reduce inequality and cut growth at the same time (I can name some countries that did it!). But it means that cutting growth makes the job of reducing inequality that much harder.

        1 reply 4 retweets 35 likes
        Show this thread
      3. Noah Smith‏Verified account @Noahpinion Oct 20

        And if you want to not just cut inequality but actually RAISE living standards for the poor while also cutting growth...good luck!!

        10 replies 7 retweets 53 likes
        Show this thread
      4. End of conversation
      1. New conversation
      2. Colin Paddock‏ @su_liam Oct 20
        Replying to @Noahpinion

        If ‘g’ stands for growth, what does ‘r’ stand for?

        1 reply 0 retweets 0 likes
      3. Noah Smith‏Verified account @Noahpinion Oct 20
        Replying to @su_liam

        The return on capital

        1 reply 0 retweets 1 like
      4. Colin Paddock‏ @su_liam Oct 20
        Replying to @Noahpinion

        Ty

        1 reply 0 retweets 1 like
      5. g‏ @jemergence Oct 20
        Replying to @su_liam @Noahpinion

        Here's a four paragraph summary which, given that the book is about 600 pages long, really isn't too bad.https://www.economist.com/the-economist-explains/2014/05/04/thomas-pikettys-capital-summarised-in-four-paragraphs …

        0 replies 1 retweet 3 likes
      6. End of conversation
      1. New conversation
      2. Steffan John‏ @SteffanJohn Oct 20
        Replying to @Noahpinion

        As Christopher Hitchens said of Mother Teresa, they're not a friend of the poor; they're a friend of poverty.

        1 reply 1 retweet 8 likes
      3. Jorge Bielsa-Callau‏ @BielsaJorge Oct 20
        Replying to @SteffanJohn @Noahpinion

        Nice play on words! Now, try to do something real, for someone, sometime...

        1 reply 0 retweets 2 likes
      4. Steffan John‏ @SteffanJohn Oct 21
        Replying to @BielsaJorge @Noahpinion

        Mother Teresa did very little for the poor, as it happens.

        0 replies 0 retweets 2 likes
      5. End of conversation
      1. New conversation
      2. John S. Nash‏ @heynottheface Oct 20
        Replying to @Noahpinion

        Piketty's - and Scheidel's - observation that inequality has historically been addressed by massive catastrophe's doesn't mean we need to decrease growth to attain more equality. His suggestion is large taxation to prevent to lower r not decrease g.

        1 reply 1 retweet 6 likes
      3. James Salsman  📎‏ @jsalsman Oct 20
        Replying to @heynottheface

        pic.twitter.com/L482RH5ydN

        1 reply 1 retweet 6 likes
      4. Geolibertarian 🔰 🌐 🌄George‏ @GeolibGeorge Oct 21
        Replying to @jsalsman @heynottheface @Noahpinion

        Those growth rates under high taxes were at a time when the US had industrial hegemony over the world post-WWII. So unless you are suggesting launching an apocalyptic war against the globe to destroy their industrial bases, shelve the idea of top rates going that high again.

        1 reply 0 retweets 0 likes
      5. Geolibertarian 🔰 🌐 🌄George‏ @GeolibGeorge Oct 21
        Replying to @GeolibGeorge @jsalsman and

        Rather, what we should be aiming for is total overhaul of the tax system that captures the source of increasing wealth inequality by taxing the rich for while causing no deadweight loss. And that tax reform is to shift from labor & capital taxes to land value tax.

        2 replies 2 retweets 10 likes
      6. James Salsman  📎‏ @jsalsman Oct 21
        Replying to @GeolibGeorge @heynottheface @Noahpinion

        Those are *employment* growth rates, not GDP. The postwar boom in overall growth was hardly even two years long:pic.twitter.com/Sa2DaRO9OH

        1 reply 0 retweets 0 likes
      7. Geolibertarian 🔰 🌐 🌄George‏ @GeolibGeorge Oct 21
        Replying to @jsalsman @heynottheface @Noahpinion

        My comments referred exactly to the fact that they are employment growth rates. GDP & employment growth obviously both benefit when your country has an industrial hegemony post-WWII. And such a dividend will last not two years, but decades as other economies rebuild from scratch.

        1 reply 0 retweets 0 likes
      8. Geolibertarian 🔰 🌐 🌄George‏ @GeolibGeorge Oct 21
        Replying to @GeolibGeorge @jsalsman and

        Also, growth rates in GDP and employment are just going to slow over time for a major economy because the ratio of new income (created by new jobs) to total income will fall to an asymptotic limit. To attribute lower employment growth rates now than before to the fact that....

        1 reply 0 retweets 0 likes
      9. Geolibertarian 🔰 🌐 🌄George‏ @GeolibGeorge Oct 21
        Replying to @GeolibGeorge @jsalsman and

        .... there were higher top marginal tax rates before, when in fact the US economy was at a point of development that enabled it to see higher rates of employment growth & was uniquely enabled to do so by global economic circumstances, just seems to me like incorrect reasoning.

        1 reply 0 retweets 0 likes
      10. 2 more replies
      1. New conversation
      2. Mike Davis‏ @mdavisjd Oct 20
        Replying to @Noahpinion

        Someday, we’ll hafta reckon with the fact that growth cannot be infinite. We will not be able to grow our economy in such a way as to run away from every pinch

        1 reply 0 retweets 3 likes
      3. Brad ' 🐙 🌐' Hemak‏ @hemakhemak Oct 20
        Replying to @mdavisjd @Noahpinion

        I disagree. As more of our consumption becomes services, not goods and as energy becomes cheaper, then growth can occur with less or no resources.

        1 reply 0 retweets 2 likes
      4. Mike Davis‏ @mdavisjd Oct 20
        Replying to @hemakhemak @Noahpinion

        Not indefinitely. Not without continuing population growth.

        1 reply 0 retweets 0 likes
      5. Thomas Jeffries‏ @ThomasEJeffries Oct 21
        Replying to @mdavisjd @hemakhemak @Noahpinion

        You're assuming efficiency remains constant. It doesn't; per capita production can be effectively infinitely increased.

        0 replies 0 retweets 1 like
      6. End of conversation

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